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OPEC trims 2020 oil demand, sees virus fears weighing on prices

Published 12/08/2020, 13:38
Updated 12/08/2020, 13:42
© Reuters.

LONDON, Aug 12 (Reuters) - OPEC on Wednesday said world oil
demand will fall more steeply in 2020 due to the coronavirus
pandemic and said next year's recovery faces large
uncertainties, pointing to growing headwinds for the group and
its allies in supporting the market.
World oil demand will fall by 9.06 million barrels per day
(bpd) this year, the Organization of the Petroleum Exporting
Countries said in a monthly report, more than the 8.95 million
bpd decline expected a month ago.
"Crude and product price developments in the second half of
2020 will continue to be impacted by concerns over a second wave
of infections and higher global stocks," OPEC said in the
report.
OPEC stuck to its forecast that in 2021 oil demand would
rebound by 7 million bpd but said the view was subject to large
uncertainties that may result in "a negative impact on petroleum
consumption".

(Editing by Jason Neely)

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